making it easier to get out of debt faster. Let’s say that loved ones lend you the money you need to pay off your high-interest debts in full. You can then focus on paying them back at a lower interest rate or
How can I calculate my debt-to-income ratio? The easiest way to calculate your debt-to-income (DTI) ratio is to add up all your monthly debt payments and divide that amount by your gross monthly income. Let’s walk through the steps in more detail: 1. Add up your monthly debt paymen...
1. Debt Snowball Method: This strategy involves paying off your smallest debts first while making minimum payments on all other debts. As you eliminate smaller debts, you gain momentum and motivation to tackle larger debts. This method can provide a sense of accomplishment and help you stay moti...
How can I check the status of my refund? Once you have e-filed your tax return, there are a few ways to check the status of your refund: You can use the online IRS Where's My Refund? tool (fastest option). Call the IRS at 800-829-1954. The online tool will get ...
Debt consolidation:Instead of having five or six debts to tackle, it can be helpful to put everything in one singular place throughdebt consolidation. For example, I recently consolidated mycar loanandstudent loansthrough apersonal line of credit, which has saved me money in interest and lowered...
How can I lower my credit utilization ratio? What is an ideal credit utilization ratio? Why does your credit utilization ratio matter? Understanding how your card usage affects your credit utilization ratio is an important part of managing your credit. You'll want to keep this handy calculation...
“I’ll get in the car and go to the office, and my stomach will clench,” she says. “I can’t sleep, thinking about it.” McMullin is taking drastic action to pay down her debts as soon as possible. She decided to cash out her IRA, a move that can result in taxes and penal...
Getting out of debt after divorce can feel like a big challenge, but it is possible with the right approach. Creating a budget that works for your new situation and prioritizing paying down your debts will ensure financial security moving forward. Whether you're looking into debt consolidation ...
Will an accident increase my insurance premium? How long does an accident stay on your driving record? Why do insurance rates go up after an accident? Can I prevent my insurance rates from going up after an accident? How can I lower my car insurance rates after an accident?
If your credit rating allows for it, try to get a larger, lower-interest loan andconsolidate your debtsinto this loan. This can speed up the process of paying off your debt by minimizing the interest. You mayconsider a balance transfer offerof 0% interest from one of your credit cards. ...